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<SEC-DOCUMENT>0000891836-05-000443.txt : 20051114
<SEC-HEADER>0000891836-05-000443.hdr.sgml : 20051111
<ACCEPTANCE-DATETIME>20051110173319
ACCESSION NUMBER:		0000891836-05-000443
CONFORMED SUBMISSION TYPE:	497AD
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20051114
DATE AS OF CHANGE:		20051110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTRAL EUROPE & RUSSIA FUND INC
		CENTRAL INDEX KEY:			0000860489
		IRS NUMBER:				133556099
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		497AD
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-129644
		FILM NUMBER:		051195235

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		800-437-6269

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPEAN EQUITY FUND INC /MD/
		DATE OF NAME CHANGE:	19970429

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FUTURE GERMANY FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED GERMANY FUND INC
		DATE OF NAME CHANGE:	19900219
</SEC-HEADER>
<DOCUMENT>
<TYPE>497AD
<SEQUENCE>1
<FILENAME>sc0232.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 497
</TITLE>
</HEAD>
<BODY>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The Central Europe and
Russia Fund, Inc. </FONT></H1>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=70%>&nbsp;</TD>
     <TD WIDTH=30%>&nbsp;<FONT FACE="Times New Roman, Times, Serif" SIZE=2>345 Park Avenue<BR>
New York, NY 10154 </FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Central Europe and
Russia Fund, Inc.<BR>
Makes Preliminary Filing for Rights Offering </FONT></P>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>FOR IMMEDIATE RELEASE </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>
NEW YORK, NEW YORK, November&nbsp;10, 2005 &#150; The Central Europe and Russia Fund, Inc.
(NYSE: CEE)</B>&nbsp;announced today that it has filed with the Securities and Exchange
Commission a preliminary registration statement for a rights offering to the Fund&#146;s
shareholders. The rights offering will commence only upon further approval by the
Fund&#146;s Board of Directors and remains subject to market conditions. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Should the Fund&#146;s Board approve
the rights offering, commencement of the offer will be announced via press release and the
definitive terms of the offer, including the subscription price, will be included in the
prospectus. While final terms of such an offer will depend on market conditions at the
time of commencement, the Fund is contemplating issuing transferable rights to purchase
one share for every three shares currently outstanding. </FONT></P>

     <P ALIGN=CENTER>#&nbsp;&nbsp;#&nbsp;&nbsp;#</P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>The Central Europe and Russia
Fund, Inc</B>. is a non-diversified, closed-end investment company seeking long term
capital appreciation through investment primarily in equity and equity-linked securities
of issuers domiciled in Central Europe and Russia. Its shares are listed on the NYSE under
the symbol &#147;CEE&#148;. Because the Fund is non-diversified it can take larger
positions in fewer companies, increasing its overall risk profile. Investments in
securities of foreign issuers present greater risks including currency fluctuations and
changes in political/economic conditions. Foreign securities markets generally exhibit
greater price volatility and are less liquid than the US markets. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shares of closed-end funds frequently
trade at a discount to net asset value. The price of the Fund&#146;s shares is determined
by a number of factors, several of which are beyond the control of the Fund. Therefore,
the Fund cannot predict whether its shares will trade at, below or above net asset value. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Before investing in the Fund,
investors should carefully consider the investment objective, risks, and charges and
expenses of the Fund. This information can be found in the Fund&#146;s prospectus on file
with the Securities and Exchange Commission. An investor should carefully read the
Fund&#146;s prospectus before investing. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This announcement is not an offer to
sell these securities and is not soliciting an offer to buy these securities in any state
where the offer or sale is not permitted. The offer will be made only by means of a
prospectus and only after the registration statement on file with the Securities and
Exchange Commission has been declared effective. The final terms of the offer may be
different from those discussed above. (41227 11/05) </FONT></P>

<TABLE ALIGN=CENTER CELLPADDING=0 CELLSPACING=0 BORDER=2 WIDTH=70%>
<TR VALIGN=TOP>
     <TD WIDTH=100%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;NOT FDIC/NCUA INSURED MAY LOSS VALUE</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NO BANK GUARANTEE</B><BR>
<B>&nbsp;&nbsp;&nbsp;&nbsp;NOT A DEPOSIT</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY</B></FONT></TD>
</TR>
</TABLE>

     <P ALIGN=CENTER>#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;#</P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For further
information please contact: </FONT></H1>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
     <TD ALIGN=LEFT WIDTH=20%>&nbsp;</TD>
     <TD ALIGN=LEFT WIDTH=30%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Jonathan Diorio<BR>
Deutsche Asset Management<BR>
Investor Relations<BR>
(212) 454.2208<BR></FONT></TD>
     <TD ALIGN=LEFT WIDTH=10%>&nbsp;</TD>
     <TD ALIGN=LEFT WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Rohini Pragasam<BR>
        Deutsche Asset Management<BR>
        Media Relations<BR>
        (212) 250.4516</FONT></TD>

</TR>
</TABLE>

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